Adding An Apprentice To Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Adding An Apprentice To Papaya Global… functions on the provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really fundamental there’s no real consistency structure we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of best and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re simply wanting to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect point of view on staff members it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s well-being and many other factors if people aren’t paid uh I’ve always been surprised entering this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks

anyway we understand how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everybody so carrying on look why do companies choose to main separate checking account there are Adding An Apprentice To Papaya Global businesses out there doing precisely this for particular nations and I have actually operated in a service or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs altering but eventually individuals are very stuck with what they’re familiar

with ideal um modification is a tough thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining multiple checking account but there’s a huge quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial however I believe the sincere response is change um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does pose several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Adding An Apprentice To Papaya Global